MAXICARE Hospicash, the first of its kind in the Philippines’ HMO market, is a daily hospital cash benefit that will soon be available through Maxicare in partnership with Allianz PNB Life.
Hospicash was born out of the collaboration between the two companies that aims to supplement Health Maintenance Organization (HMO) plans with an insurance coverage.
While an HMO covers the usual medical expenses, Hospicash enhances the coverage by providing cash benefits to address other expenses in the event of hospitalization. These may include extra spending for medicine, transportation, visitation, and loss of income while hospitalized.
“Everybody knows getting sick doesn’t just stop at footing the hospital bill; there are other expenses that come up too, especially with work and the family,” said Maxicare President and CEO Christian Argos. “Maxicare and Allianz PNB Life understand this concern, hence the partnership between our organizations in offering Maxicare Hospicash.”
For his part, Alexander Grenz, President and CEO of Allianz PNB Life, said nobody wants to be hospitalized and this product bundle helps alleviate the hassles and burdens associated with it. “While your typical HMO benefits can cover the hospital bill, additional out-of-pocket expenses are often incurred.”
“Through our partnership with Maxicare, we can provide a more comprehensive solution for hospitalization,” Grenz added.
In addition, Maxicare Hospicash acts as an additional layer of benefit or cash when the maximum benefit limit (MBL) for the HMO plan is used up.
For example, a Maxicare member with Hospicash coverage receives a fixed amount or Daily Hospital Cash Benefit starting at P250 to P5,000 per day while hospitalized. The total is claimable in cash after discharge from the hospital.
Maxicare Hospicash can be bundled with Maxicare’s Corporate and SME plans. Maxicare members can now have Hospicash as part of their HMO. “Maxicare Hospicash further sets apart the Maxicare HMO experience,” added Argos.
“By partnering with a trusted HMO provider like Maxicare, we can provide Filipinos with more security at a time when both health-related expenses and COVID-19 cases are on the rise,” Grenz averred.
The strategic partnership is an especially notable one between the leading HMO provider in the Philippines and the no. 1 insurance brand in the world.
Maxicare won gold for Best PH Health Insurance in the 2021 Quality Service Awards Asia while Allianz PNB Life remains the country’s fastest growing insurance company in terms of premium income.